More than a 504

4.57%

Real Estate 20-year Fixed

4.12%

Equipment 10-year Fixed

Durham Business Expands with Help of CDC New England

CONTACT:  Patti Doyle, 401-374-2553patti.doyle@gmail.com

 

DURHAM, NEW HAMPSHIRE, AUGUST 28, 2017: Village Pizza and Scorpions Grill, a Durham, New Hampshire business serving the community for over 50 years, received an attractive financing package to purchase the building it has occupied for some five decades.

According to owners, Graham Camire and Frank Silva who purchased the restaurant in 2005, the opportunity to purchase their space was too good to pass up, but required some creative financing. “We turned to our banker, Shawn Ford at Eagle Bank to explore our options and to see if our dream of owning our own space could become a reality,” said Mr. Silva. “Shawn made us aware of the unique SBA 504 loan program which allows for up to 90% financing with 40% of the purchase price covered by the 504 loan at a very low 20 year fixed interest rate and 20 year term.  He and his bank had completed several 504 projects with Mike Topalian at CDC New England in the past, Together, they structured and approved a commercial mortgage that allowed us to purchase the building with a low down payment and a very favorable interest rate and term. We are extremely grateful to Eagle Bank and CDC New England for assisting us in this expansion.”

“Village Pizza and Scorpions Bar play an important role in serving the Durham, University of New Hampshire community with quality food in a clean, friendly establishment,” said Mike Topalian, loan officer for CDC New England. “Graham and Frank are passionate about what they do, and we were impressed with their deep roots in the community, and their interest in securing those roots and continuing well into the future. We remain confident that they will continue to be successful, and hope this loan will assist in that process.”

He continued, “This is another great example of how an SBA 504 Loan Program can assist local companies grow their business, and ultimately expand their brand. It provides an ideal financing option for companies seeking to expand, make capital acquisitions, lower down payments in order to preserve cash for working capital, and lock-in a portion of their financing at a fixed rate for a 20-year period. We are elated to partner with Village Pizza and Eagle Bank on this particular venture.”